Following its acquisition in December last year by United Fintech, Cobalt is relaunching as CobaltFX, with a complete focus on foreign exchange in what chief executive Marc Levin has described as returning to “the company’s roots”.
“CobaltFX’s goal is to re-engineer the world of foreign exchange through a rock solid platform focusing on credit optimisation and post-trade FX. Dynamic Credit being the most important starting point,” said Andrew Coyne, founder of CobaltFX.
“As part of United Fintech, we join four other partner companies, retaining our formal status as a partner company. There are a lot of synergies between the partner companies and United Fintech. Not only from a client and solution perspective, but from a visionary perspective; together, we’re stronger than ever.”
CobaltFX will now focus entirely on FX, thus leaving the company’s digital asset division removed from the product offering. However, United Fintech has announced plans for a digital asset ‘spin-off’, with further details to be disclosed in Q2.
“We believe both opportunities are huge and should be pursued, but not under the same banner. While FX and DA are similar in many ways, and likely to merge in the future, the two industries are currently at very different maturity stages of their evolution, largely operating independently and therefore requiring different approaches to be successful on their own,” said Marc Levin, chief executive of CobaltFX.
Following the relaunch, Darren Coote, who served as managing director at Cobalt, will take on a bigger role in United Fintech, working with other partner companies.
In addition, Elizbeth Missfeld will step in from United Fintech as chief operating office, and Erik Nordahl will join as chief technology officer to help deliver CobaltFX’s vision and commitment to clients.